tag:blogger.com,1999:blog-7250395384138708711.comments2023-05-20T05:23:45.734-04:00Finance ClippingsRichhttp://www.blogger.com/profile/16883355600904464858noreply@blogger.comBlogger102125tag:blogger.com,1999:blog-7250395384138708711.post-62166405443309319912013-11-20T14:51:00.280-05:002013-11-20T14:51:00.280-05:00We can internally manage bonds but not common stoc...We can internally manage bonds but not common stock?? That 148mn fee on 'public equity' is a disturbing figure not to mention your repeated points on 'alternative assets' and their merits (or lack thereof actually). How has this gone on so long? It should be clear enough to any financial professional numorous solutions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-92076191236583726242013-10-14T15:30:29.268-04:002013-10-14T15:30:29.268-04:00In terms of short run and long run - EMH says that...In terms of short run and long run - EMH says that you can't predict prices tomorrow. But in the late 1990s I would have put pretty good money on tech stocks trading lower at some point. Same with house prices in 2006. That's what I mean when I talk about short and long run. But I agree that eventually the cold hard reality of market efficiency will come down on all bubbles.Richhttps://www.blogger.com/profile/16883355600904464858noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-32903439389350654072013-10-14T15:22:16.177-04:002013-10-14T15:22:16.177-04:00Also, I think I would say that Fama has it right i...Also, I think I would say that Fama has it right in the long run and Shiller in the short, not the other way around.Anonymoushttps://www.blogger.com/profile/17683058111893318076noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-90125747492844433532013-10-14T15:20:33.653-04:002013-10-14T15:20:33.653-04:00It also proves that the Nobel selection committee ...It also proves that the Nobel selection committee for Economics has a wry sense of humor. :)Anonymoushttps://www.blogger.com/profile/17683058111893318076noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-87710687529027595062013-09-23T21:43:49.394-04:002013-09-23T21:43:49.394-04:00I like what the inventor of the first index fund a...I like what the inventor of the first index fund and Vanguard founder, Jack Bogle said: "If picking stocks is a 'random walk' down Wall Street (referring to Burton Malkiel's book), then picking managers must be an obstacle course through Hell's Kitchen."Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-46942975613234990992013-09-04T15:59:40.581-04:002013-09-04T15:59:40.581-04:00Massive Open Online Course. Massive Open Online Course. Richhttps://www.blogger.com/profile/16883355600904464858noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-41036212570858564132013-09-04T15:51:56.119-04:002013-09-04T15:51:56.119-04:00What is an MOOC?What is an MOOC?Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-21518032636142935552013-04-30T16:59:42.293-04:002013-04-30T16:59:42.293-04:00Thanks Don for taking the time to do the math prop...Thanks Don for taking the time to do the math properly!Richhttps://www.blogger.com/profile/16883355600904464858noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-45829576374181316472013-04-30T16:49:56.078-04:002013-04-30T16:49:56.078-04:00 ASSETS = LIAB + SE
Current ... ASSETS = LIAB + SE<br />Current B/S 176B = 58B + 118B<br />~0% leverage<br /><br />Post-Debt 193B = 75B + 118B<br />~9% leverage (book values)<br /><br />Post $55B buyback<br /> 138B = 75B + 63B<br />12% leverage (book values)<br /><br />Compare to MSFT at 10% of debt/assets (at book value) <br /> Don Pagachhttps://www.blogger.com/profile/03284032421730316994noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-73576329953358888792013-02-21T18:51:24.676-05:002013-02-21T18:51:24.676-05:00PE is a joke. Its' wonderful for the PE firm b...PE is a joke. Its' wonderful for the PE firm but a horrible asset class for investors. For those looking to diversify, <a href="http://www.greenworldbvi.com/alternative-investments-options/" rel="nofollow">hard asset alternative investments</a> are a better optionAnonymoushttps://www.blogger.com/profile/08823766461036692428noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-55372273317261656512012-11-29T02:22:04.614-05:002012-11-29T02:22:04.614-05:00The stock price of groupon has gone down for some ...The stock price of groupon has gone down for some months.Groupons sales increases by double fold every year during the holiday season when people tend to get gifts.<br /><a href="http://grouponclone.ideazglobal.com" rel="nofollow">groupon script</a>Anonymoushttps://www.blogger.com/profile/12516594683528634078noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-81122866566476509832012-11-15T14:16:42.533-05:002012-11-15T14:16:42.533-05:00High frequency trading was discussed on The Colber...High frequency trading was discussed on The Colbert Report last night.<br /><br />http://www.colbertnation.com/video/high+frequency+tradingRon Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-30333238254376923832012-09-25T16:43:59.115-04:002012-09-25T16:43:59.115-04:00Actually, I'd get paid a "placement agent...Actually, I'd get paid a "placement agent" fee for hooking up the pension with the "privilege" to invest with a private equity manager who will then charge 2 and 20 for their spectacular stock picking abilities to pay above market prices to take companies like Facebook private, again! See everyone wins (well, except the pensioners and the tax payers).Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-1916617496515911092012-09-25T09:26:57.086-04:002012-09-25T09:26:57.086-04:00You got it - plus you'd charge 2/20 for the se...You got it - plus you'd charge 2/20 for the service.<br />Richhttps://www.blogger.com/profile/16883355600904464858noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-77367907205275724912012-09-25T01:03:28.428-04:002012-09-25T01:03:28.428-04:00So, if I were a high paid consultant, I could use ...So, if I were a high paid consultant, I could use these figures to convince pension fund managers to buy Facebook and Zinga stock by selling them on their amazing diversification impact on the S&P, right?Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-38875597363261549452012-08-22T12:54:27.020-04:002012-08-22T12:54:27.020-04:00can you email me directly? Thanks
can you email me directly? Thanks<br />Richhttps://www.blogger.com/profile/16883355600904464858noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-33629098085048976252012-08-22T12:35:24.118-04:002012-08-22T12:35:24.118-04:00Hello Dr. Warr,
I would be interested in this cou...Hello Dr. Warr,<br /><br />I would be interested in this course. When is it scheduled?<br /><br />Regards,<br />Bimal<br />Online MBA studentAnonymoushttps://www.blogger.com/profile/09475799111031255257noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-41226732126846457112011-09-23T11:41:17.295-04:002011-09-23T11:41:17.295-04:00I used to call mine Carly, but now I've rename...I used to call mine Carly, but now I've renamed it Meg.Pat Lhttp://www.patlarkinsvaluejournal.com/noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-78927898179860744082011-09-23T01:00:15.955-04:002011-09-23T01:00:15.955-04:00The yield on the Dow (ETF=DIA) is 2.7% and the yie...The yield on the Dow (ETF=DIA) is 2.7% and the yield is just taxed at 15%. If an investor is in the 28% tax bracket, the after-tax yield on the 10-year T-bond is just 1.1% while the DIA after-tax yield is 2.3% or more than twice the after-tax yield. And, while one could argue the DIA has risk of loss, I would argue the risk of loss on the 10-year treasury bond is also high over the next 5 years or so.Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-72925057583983402562011-09-16T17:48:46.394-04:002011-09-16T17:48:46.394-04:00I agree with 99.9% of what Jack Bogle says. Howeve...I agree with 99.9% of what Jack Bogle says. However, I have run portfolio optimization software several times and I've always found that adding a bit of foreign equity exposure expands the efficient frontier (raises returns and lowers risk). The impact is small, but it does help. No need to go overboard with foreign equity, but 10-15% of your equity exposure helps. Using the same software I also found that if you hedge out the currency risk from the foreign equity exposure, you lose all the diversification benefits. <br /><br />But, many pension funds recently have dramatically increased their exposure to foreign equity and it is not unusual for US based pension funds to hold MORE foreign equity than US equity AND hedge the currency risk. Both moves raise expenses and complication, and don't improve risk/return aspects of the portfolio, in my analyses.Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-83837146727992395422011-08-23T23:09:19.654-04:002011-08-23T23:09:19.654-04:00I heard the Russian judge only gave it a 3.4I heard the Russian judge only gave it a 3.4Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-26282942249805549382011-08-21T00:18:19.119-04:002011-08-21T00:18:19.119-04:00Thanks Richard!Thanks Richard!Ron Elmerhttps://www.blogger.com/profile/18051360607937544050noreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-66325638411712854352011-08-04T20:20:08.135-04:002011-08-04T20:20:08.135-04:00Just to boil this down. Would you recommend buying...Just to boil this down. Would you recommend buying a total stock market index fund, but also adding a small cap index fund and a value index fund? This would result in index returns with a slight overweight towards small caps and value stocks.Ron Elmernoreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-24300256494638504812011-07-12T00:51:33.977-04:002011-07-12T00:51:33.977-04:00That is the funniest finance video I've seen i...That is the funniest finance video I've seen in a while. But, this one is still my favorite! (Columbia B-School students spoofing their Dean (Glenn Hubbard) when Bernanke got the Fed Chair he coveted).<br /><br /> http://www.youtube.com/watch?v=3u2qRXb4xCURon Elmernoreply@blogger.comtag:blogger.com,1999:blog-7250395384138708711.post-42879075029580183612011-07-07T10:31:07.165-04:002011-07-07T10:31:07.165-04:00I am looking forward to seeing both of these movie...I am looking forward to seeing both of these movies. I think if people make the effort, they can learn something so that we as a society don't allow these problems to happen again.<br /><br />Another decent movie (more of a documentary) is "The Smartest Guys in the Room", about the Enron downfall.Robert T.http://www.creditmanagementworld.comnoreply@blogger.com